There is a reason why the whole western world uses Visa and Mastercard. Nations in Asia are using UnionPay pushed by China. Even the CIS region is using its system for interbank transaction settlements called MIR. The reason is convenience and speed. With Visa capable of handling 600,000 transactions per second, Decentralized Finances can’t compete at the moment. However, it may soon change.
Strike makes a strong statement, raises $80 million
The Bitcoin network is quite slow, but it has some workarounds and a faster version that can be utilized to great effect by people who are willing to introduce advanced technological solutions. Strike, a digital wallet that can process transactions in the Bitcoin network slightly faster wants to topple Visa and Mastercard by offering a cheaper and faster alternative based on blockchain. The company already raised over $80 million to start its war against monopolistic card issuers.
The company plans to use its platform to deploy a faster solution for transaction settlement and attract corporate customers like Starbucks and Wendy’s to ensure that the blockchain alternative to VISA and MasterCard is in demand on the retail level. So far, Bitcoin and Ethereum have been used mostly by people who wanted to move large amounts of capital discreetly. If Strike manages to deliver on its promises, the number of active wallets using BTC to pay for goods may skyrocket.
Also read:The Lightning network is a great network that optimizes transaction processing in the Bitcoin network providing faster service by using so-called rollups by bundling together multiple transactions that are later validated on the layer-1 mainnet. While this method allows for much higher throughput, it is not even close to what VISA and MasterCard can do.
Bitcoin is already close to going mainstream
BTC is one of the best-performing assets in the current global economy that has been falling apart under pressure from external factors like the COVID-19 pandemic and the Russia-Ukraine war. It is the moment when it solidifies its position as the most reliable asset, period. If Strike succeeds, Bitcoin will move a step closer to widespread adoption.
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